EXHIBIT 10.3
September 24, 0000
Xxxxxx Xxxx Services, Inc.
00 Xxxxxxxx Xxxxx Xxxx
Xxxxxx, Xxx Xxxx 00000
Ladies/Gentlemen:
Please refer to the Second Amended and Restated Credit Agreement dated
as of June 11, 1999 (the "Credit Agreement") among United Road Services, Inc.
(the "Company"), various financial institutions and Bank of America National
Trust and Savings Association, as Administrative Agent. Capitalized terms used
but not otherwise defined herein have the meanings assigned thereto in the
Credit Agreement.
The Company, the Banks and the Agent hereby agree that the Credit
Agreement is terminated effective as of July 9, 1999 as if the Credit Agreement
had not been executed and delivered by the parties thereto. Without limiting the
foregoing, (a) the Company releases each Bank from any Commitment under the
Credit Agreement and agrees that no Bank shall have any obligation or liability
to the Company under or in connection with the Credit Agreement and (b) each
Bank hereby releases the Company from any obligation to pay any fees in
connection with the Credit Agreement and agrees that the Company shall have no
obligation or liability to such Bank under or in connection with the Credit
Agreement.
This letter agreement shall become effective upon receipt by the Agent
of counterparts hereof (or facsimiles thereof) executed by the Company and all
Banks. This letter agreement may be executed in counterparts and by the parties
hereto on separate counterparts. This letter agreement shall be governed by the
laws of the State of Illinois applicable to contracts made and to be performed
entirely within such State.
BANK OF AMERICA, N.A., as Agent
-------------------------------
By:
------------------------------------------
Title:
BANK OF AMERICA, N.A., as Issuing Bank,
Swing Line Bank and a Bank
By:
Title:
BANKBOSTON, N.A., as Syndication Agent
and a Bank
By:
Title:
CIBC INC., as Documentation Agent and
a Bank
By:
Title:
XXXXXX FINANCIAL, INC., as a Bank
By:
Title:
KZH CYPRESSTREE-1 LLC, as a Bank
By:
Title:
MICHIGAN NATIONAL BANK, as a Bank
By:
Title:
NORTH AMERICAN SENIOR FLOATING RATE FUND,
as a Bank
By: CYPRESSTREE INVESTMENT MANAGEMENT
COMPANY, INC., as
Portfolio Manager
By:
Title:
SRF TRADING, INC., as a Bank
By:
Title:
THE CHASE MANHATTAN BANK, as a Bank
By:
Title:
COMERICA BANK, as a Bank
By:
Title:
CYPRESSTREE INSTITUTIONAL FUND, LLC,
as a Bank
BY: CYPRESSTREE INVESTMENT MANAGEMENT
COMPANY, INC., its
Managing Member
By:
Title:
XXXXXXXX BANK, N.A., as a Bank
By:
Title:
By:
Title:
UNION BANK OF CALIFORNIA, N.A., as a Bank
By:
Title:
MAGNETITE ASSET INVESTORS, LLC, as a Bank
By:
Title:
Accepted and Agreed as of
the date first written above:
UNITED ROAD SERVICES, INC.
By:
Title:
